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Football Stadium DigestFootball Stadium Digest covers major stories and events in the planning, construction and operations of NCAA and professional NFL football stadiums across the United States and Canada.

Falcons Nearing $1 Billion in Mercedes-Benz Stadium Sponsorships

The Atlanta Falcons are nearing their goal of $1 billion in sponsorship revenue for Mercedes-Benz Stadium, as the team has reportedly sold $900 million.

As first reported in the SportsBusiness Journal, the Falcons’ sales efforts have already led to $900 million in sponsorship revenue for Mercedes-Benz Stadium, which is scheduled to open in 2017. The $900 million figure, which will be received over a period of years, is derived from the major long-term sponsorship agreements that the Falcons have sold.

The Falcons and parent company AMB Group are expecting that figure to rise. Ultimately the major benefit for the Falcons is the use of sponsorship money, as the revenue is key to paying off the team’s share of Mercedes-Benz Stadium debt. More from the Atlanta Journal-Constitution:

When the organization closed on $850 million in financing for the stadium in August, Falcons executive vice president and chief financial officer Greg Beadles told the AJC that some contractually obligated revenue streams from naming rights, other sponsorship deals and suite sales were pledged toward re-paying the debt.

Officials with Falcons parent company AMB Group are confident of setting a record in sponsorship sales for a U.S. stadium, according to SportsBusiness Journal’s report, which noted the record should last at least until the Los Angeles Rams’ new stadium opens.

In August, the Falcons reached an agreement to convert construction loans into long-term financing for Mercedes-Benz Stadium.

Under its most recent construction schedule, Mercedes-Benz Stadium should be completed by June 2017. That would allow it to open months in advance of the Falcons’ preseason slate.